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Do You Have Any Additional Riders On Your Insurance Policy?

Friday, December 27, 2019

You’re going to want to grab your insurance policy, were going to help make sure all your bases are covered!  

The most common issue we run into with flooded basements is that there is not enough coverage or no coverage at all. Most homeowners are unaware that certain damages are not covered under their regular homeowner’s insurance policy, but require add-on’s to their policies. 

Where can I find this coverage on my policy?

You can find your additional coverage for a sump pump failure on the declaration page of your insurance policy. The additional rider covers you if the pump stops working due to a power outage, and mechanical failures. The amount listed will differ for individuals depending on the amount of coverage chosen.

What does this additional rider cover?

On average a mitigation claim can range from $2,800 - $3,400 or more, depending on the size of the loss and affected materials or contents. This amount on the rider covers the clean-up of the water and replacement of the materials that were damaged. 

Here is a scenario to go by: 

Your basement is fully finished and you have a sump pump failure. Yet your additional rider is only $5,000 or even $10,000. Do you believe this is enough to cover the demolition, structural drying, and replacement of your structural materials? Will this amount be enough for drywall, flooring, painting, trim and/or any other materials that were down there? Most of the time it is not and homeowners must pay out of pocket to put their basement back together. 

If you would like a referral for a local agent feel free to contact us. We have some very knowledgeable referral partners who will help make sure your property has the right coverage!